- Quoine had originally reversed seven of B2C2’s trade on April 2017 after discovering an abnormality.
- The Singapore International Commercial Court (SICC) found Quoine liable after B2C2 sued them for the reversal.
Quoine Exchange was found liable by the Singapore International Commercial Court (SICC) for reversing seven trades, worth 3.092 Bitcoins, made by crypto market maker B2C2 two years ago. According to SICC, B2C2 sold ether (ETH) at an exchange rate of 10 BTC per token on April 19, 2017. This was approximately 250 times higher than the market rate of about 0.04 BTC to 1 ETH at the time of the trade. Quoine discovered this abnormality the next day and reversed the trade.
In August 2017, B2C2 sued Quoine, aiming to recover the 3,092 BTC from the exchange. According to B2C2, Quoine “had no contractual right unilaterally to cancel the trades once the orders had been effected.” The court sided with B2C2 in the ruling but said Quoine didn’t need to transfer back the 3,092 BTC as 1 BTC was worth around $1,300 during the time of the original trade and is presently priced at around $3,900. The court said, “Instead, the plaintiff’s [B2C2] remedy lay only in damages which, if not agreed, will be assessed at a subsequent hearing.”
Quoine said that they were disappointed with the ruling. CEO Mike Kayamori said: "We are reviewing the judgement and considering our options, including the possibility of an appeal."
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Solana price nears $60 after 6% rise in a day as institutions pour millions into SOL

Solana price trading at $58 is presently attempting to breach through the resistance level marked at $59. A rally is possible, given that SOL is witnessing a resurgence in bullishness. Month to date, Solana has witnessed inflows worth $40.2 million.
THORChain price climbs 15% as native RUNE secures self-custody wallet integration

THORChain (RUNE) price is pumping hard, recording a 15% addition to its market value on the day, alongside a 50% rise in trading volume. When price and trading volume rise in tandem, it often points to the asset gaining attention and therefore interest among buyers.
Up by 96% in a week, this altcoin is likely following Solana price rally from 2021

Solana was known as the “Ethereum killer” when it skyrocketed back in 2021; however, it did not manage to kill the DeFi home in any way. Similarly, many altcoins have since emerged that have been denoted as Solana killers, but hardly anyone has managed to do that.
Chainlink price readies for 10% gains as LINK staking v0.2 priority migration goes live
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) v0.2 migration has gone live, with the upgrade introducing a staking platform that ensures stakers enjoy greater flexibility. It also delivers improved security guarantees, a modular architecture, and a dynamic rewards mechanism.
Three key BTC accumulation levels before ETF approval in January 2024

Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.